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Title : Hey Novel York Times, Read D. T. Armentano
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Hey Novel York Times, Read D. T. Armentano

H5N1 Don Boudreaux missive of the alphabet to the New York Times:

In “The Real Villain Behind Our New Gilded Age” (May 1), Eric Posner too Glen Weyl perpetuate a mutual myth past times writing that inward late-19^th-century America “leaders pose into house antitrust laws” because Standard Oil too other “great monopolies of that menses … used their ability to corrupt the economic scheme too politics.”

In fact, as careful students of antitrust convey shown, that legislation was enacted inward monastic enjoin to protect smaller too less-efficient, but politically influential, producers from the dynamic, new, too to a greater extent than intense contest unleashed past times entrepreneurs such every bit J.D. Rockefeller, Gustavus Swift, too James J. Hill. For example, every bit the economist D.T. Armentano documented almost Standard Oil, “Prices for kerosene [Standard’s main output] barbarous from thirty cents a gallon inward 1869 to nine cents inward 1880, 7.4 cents inward 1890, too 5.9 cents inward 1897.  Most important, this feat was accomplished inward a marketplace position opened upwardly to competitors, the release too organizational size of which increased greatly afterward 1890. Indeed, competitors grew then rapidly inward the years preceding the federal antitrust instance that Standard’s marketplace position portion inward crude oil refining declined from but about 85 per centum inward 1890 to 64 per centum inward 1911. In 1911 [the twelvemonth that Standard lost its antitrust instance earlier the Supreme Court], at to the lowest degree 147 refining companies were competing alongside Standard, including such large firms every bit Gulf, Texaco, Union, Pure, Associated Oil too Gas, too Shell.”*

To the extent that the economic scheme too politics of that menses were corrupted, the guilty parties were opportunistic politicians serving every bit cronies for disgruntled competitors of the misnamed “robber barons.”

Sincerely,
Donald J. Boudreaux
Professor of Economics
and
Martha too Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA  22030

* D.T. Armentano, Antitrust Policy (Washington, DC: Cato Institute, 1986), pp. 24-25.

The inward a higher house originally appeared at Cafe Hayek.

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